BTC/GBP continues to trade in the red on Friday and is trading below the 600 mark at 596 levels at the time of writing (Coinbase).

Long-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 595.74

Kijun Sen: 578.38

Trend reversal: 532.55 (90 EMA)

On the topside, the pair faces resistance at 605 (61.8% retracement of 621.47 and 580.50) and any violation would target 621 levels (November 20 high). A consistent break above this level would see it testing 632 (127.2% retracement of 621.47 and 580.50)/ 650.

On the downside, the pair has taken support near 587.55 levels (21-day MA) is acting as a major support for the pair and a break below would target 568.22 (61.8% retracement of 535.30 and 621.47)/ 547.20 (November 13 low).